SSNIT, HFC finally end boardroom wrangling

Social Security and National Insurance Trust (SSNIT) and the management of HFC Bank have dropped their entrenched positions regarding plans by the former to dismiss three directors of the bank.

According to persons close the two institutions, at a crunch meeting between the two sides held on Friday March 5, one of the key resolutions agreed is for SSNIT – the majority shareholder in the bank – to drop its plan to remove the three directors on the board of HFC Bank.

The meeting was coordinated by a two-member committee made up of Ishmael Yamson and Kwame Pianim, which was set up by Governor of the Bank of Ghana, Dr Kofi Wampah.

Management of HFC on the other hand has also agreed to address some of the concerns by SSNIT .

The two have been at each other’s throat following SSNIT’s plan to remove current board chair, Muriel Edusei, and two other directors.

An Appeals Court yesterday March 4, 2015 threw out a request by a shareholder of HFC seeking to stop an Extraordinary General Meeting (EGM) requested by SSNIT.

That EGM is scheduled for Tuesday March 10, 2014.

The resolution of the impasse between SSNIT and HFC means the two parties would not have to turn to court to seek redress on their concerns.